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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Date a 1 Beginning
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Date a 1 Beginning inventory Activities Units Acquired at Cost 688 units$48 per unit 328 units $35 per unit 188 units$23 per unit Feb. 18 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 18 Sales 728 units $75 per unit 138 units$45 per unit 498 units$41 per unit 628 units $75 per unit 1.348 units Totals 1,728 units Requlrec 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (c) specific identification. For specific identification, units sold consist of 680 units from beginning inventory, 220 from the February 10 purchase, 100 from the March 13 purchase, 80 from the August 21 purchase, and 260 from the September 5 purchase. (Round your average cost per unlt to 2 declmal places.) 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unlt to 2 declmal places.) Complete this question by entering your answers in the tabs below Required 1Required 2 Required 3 Required 4 Compute cost of goods available for sale and the number of units available for sale Cost of goods available for sale Number of units available for sale units Required 2>
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